Australian firm secures interest in gas project consortium

Australian mining company New Holland Mining Limited (NHM) said Tuesday it had secured a 20 percent interest in a consortium which is applying for a 15 year contract for the enhancement of a gas project in Indonesia.

In a statement to the Australian Stock Exchange NHM said its 20 percent interest is to be fully funded by the consortium and it does not expect to be called upon to inject any further capital.

According to the statement, the consortium is one of the three short-listed participants who submitted bidding proposal for the project. The tender documents were publicly opened at a meeting in Cirebon (West Java) and the consortium was announced as the one that offered the lowest price.

The statement did not provide details about the project.

NHM added the consortium expected to be declared as the winner of the tender after a three day objection period, which expires on January 5.

NHM is mainly engaged in minerals exploration in Australia. (Robert)